Retail gold sales in Muscat have surged 20 per cent in the last fortnight and are expected to stay strong until the Eid holidays, traders said. Ranjit, an executive at a reputed jewellery store, said: “Although Ramadan is a lean period, the sales are quite good because of the school holidays. People continue to invest in the metal as it is easy to encash during emergency with profitable gains.”
Traders also said sales have increased because of holiday buying. “Expatriates, mainly Asians, buy a lot of gold jewellery and gold bars for investment purposes before going home every year in summer,” Anto Ignatious, regional manager for jewellery brand Joy Alukkas, said.
“We are experiencing a very good footfall as people are exchanging their existing gold while some are buying new,” Najeeb K, regional head, Malabar Gold and Diamonds, Oman, said.